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SIXTY OWNERS REFER TO CHAPTER 11

by Maria Cristina Pavarini — October 22, 2012

According to a local union spokesperson, owners of Sixty recently met with the Italian Minister of economic development to speak about the possibility of declaring bankruptcy. The new owners said they hope to avoid such measures by creating a new company in Chieti that would employ 50 people instead of the former 400. This, however, would neglect to consider that most of the 250 people employed in the group’s 60 Italian stores would lose their jobs due to the closure of 40 locations. The union's representatives have relayed that the Trendiano group will move their entire production processes to China and use their own network of 1,500 stores for distribution. The 50 remaining employees would then be then be kept until the company is able to solve its bureaucratic problems. The next meeting will be held in Rome on October 29, giving the group the opportunity to explain their new industrial plan and how the new company should be established. Sixty was not available for comment.